One of the biggest mistakes made by physicians is to not treat their medical practice as a business. While the primary focus should always be on providing top quality patient care and services, account receivables management and clinical coding optimization are important, too. Revenue is essential to the success of your ENT practice or clinic. The best way to ensure that you stay in business and can continue providing care to your patients is to establish a sound balance between patient and administrative services. Medical insurance verification prior to visits, an annual fee schedule review, as well as training and support for staff are key components necessary to boost revenue and maximize the return on your investment for the future.
Step One: Outsource a Professional Consultant
The first step toward making change is to identify the areas that need attention most. When you hire a professional healthcare consultant, such as our team at MD Pro Solutions, you gain insight into the areas within your organization that can benefit from additional training, education, support, and services. A consultant can help you put the focus on the things that will benefit you the most while streamlining your approach to everything from medical insurance verification to medical claims submissions. When your office is more effective and efficient with administrative duties, you will be able to spend more time improving the patient experience, which will ultimately help to boost revenue as well.
Step Two: Examine Your Medical Billing System
While this might sound like a scary step, it really isn’t if you have the support of healthcare consulting services with MD Pro Solutions. Our goal is not to pressure you into changing your existing medical billing program, but instead to focus on clinical coding optimization to help you maximize the abilities of your current system. Account receivables management is only as effective as the tools and resources used to perform the daily tasks associated with medical billing, coding, and collections. Whether you prefer to keep these services in-house and offer your employees the training, education, and support required to get back on track and become more effective, or if you want to try outsourcing your medical billing with our professional team, we will help you to achieve your goals.
Step Three: Create Patient Relations Policies
Many practices overlook the importance of patient engagement, which helps to establish a relationship between the practice staff and the patient. Studies show that patients who are properly trained to provide the necessary information required for medical insurance verification on every visit and pay the proper co-pay or deductible for treatment will feel more comfortable working with their physician for services. Worries and fears about costs, insurance deductibles, and other financial concerns can cause many patients to avoid coming in for regular exams and necessary ongoing treatments. The more you can do to establish and clarify customer expectations for insurance and payments, the easier it will be for everyone involved to understand their role.
Step Four: Perform Regular Audits and Reviews
The best way to know how well your practice is performing is to work with a consultant to authorize regular audits and reviews. Clinical coding optimization is a vital part of the medical billing process. If your billing department is experiencing rejected or denied claims, having trouble collecting payments from insurance companies or patients, or is way behind on processing claims, you need to know about it. An annual fee schedule review will also help you stay on top of fees for patients to ensure that you are getting paid what you have earned. Account receivables management is something that you need to keep on top of if you want to be successful and boost your revenue.
Contact MD Pro Solutions
The final step is to contact MD Pro Solutions to discuss your concerns and needs to improve account receivables management and boost practice revenue. We can provide your team with all of the necessary education, training, and ongoing support to ensure everything is running effectively and efficiently within your practice. Whatever your needs, from clinical coding optimization to medical insurance verification issues, our team of highly trained and experienced consultants, technicians, and support staff can help you get back on track. Give us a call at 508-946-1665 and get started with a FREE evaluation to determine the areas that you need to work on the most.